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Directors fined over Tabung Haji withdrawals

KUALA LUMPUR, 7 April 2009: Two Metrowangsa Asset Management Sdn Bhd (MAM) directors were fined RM200,000 each by the Sessions Court here today for abetting in the withdrawal of RM50 million from its Tabung Haji account.

Ghazali Atan, 57, and Mohamed Abdul Wahab, 58, were found guilty of abetting in withdrawing the money from the Tabung Haji account maintained by the company with Malayan Banking Berhad in Jalan Selaman 1, Palm Square, Ampang, between 18 April and 24 May in 2001.

Judge Rosenani Abd Rahman ordered that they settle their fines by paying RM100,000 today and the remainder in instalments of RM50,000 on 7 May and 7 June.

In mitigation, Ghazali, represented by counsel Md. Yunos Shariff, asked for a minimum fine saying that he had been out of work since the Securities Commission revoked his licence.

He also said that he did not benefit in any way from the withdrawal.

Meanwhile, Mohamed’s counsel, P Subramaniam, said Mohamed had also lost his source of livelihood and had four children, including one who is disabled, to support.

Securities Commission prosecuting officer Shanti Geoffrey said the court should impose a heavy penalty as a deterrent and also to reflect the seriousness of the commission in fighting crimes that could affect the investment industry.

On 1 April, the same court acquitted and discharged Mohamed of two counts of making misleading statements to the Securities Commission in Metrowangsa’s half-yearly statements for 2000 and 2001 involving corporate net asset values of over RM124.2 million and RM102 million.

The offences were alleged to have been committed at the Securities Commission at No.3, Persiaran Bukit Kiara here on 13 and 19 Jan.— Bernama


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